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T&M Commercial Funding?

Real Estate Agent from Springfield, Missouri

posted over 4 years ago

Has anyone ever used T&M Commercial funding for any of their HML? Came across them today and wanted to get some feedback from all of you. If you have or know someone that has used them please let me know. Thanks!

Professional from Cary, North Carolina

Has anyone ever used T&M Commercial funding for any of their HML? Came across them today and wanted to get some feedback from all of you. If you have or know someone that has used them please let me know. Thanks!

They are a scammers. check out ripoffreport.com. I tried them and they did the same thing to me

Lender from Sacramento, California

replied about 2 years ago

Ripoff report does not tell the whole story. I believe Jake posted his side of the story for the borrower who ended up being a flake. I worked for them since 2000 and you dont see me on this site. I have plenty of referrals I can share with you where we closed loans for our borrowers.

When you are in business as long as we have been, you are bound to have disgruntled customers. We cannot help everyone and some borrowers are unrealistic in their values or what they are trying to accomplish.

Specialist from Los Angeles, CA

Investor/Agent/Entrepreneur from West Bloomfield, Michigan

replied about 2 years ago

I was seeking a loan on two properties totaling $300k 2 years ago. I was going to put $30k cash down, and put up two of my properties as collateral.

The properties I was looking to buy appraised for $425k, and my properties I already owned appraised for $93k. I got denied, and wouldn't get a clear answer other than that they felt like my the properties were not worth it for them to lend on. They kept riding it out forever, took $2500 in conducting BPO's, and even when the figures came out higher than what they were requesting in the commitment letter, they rejected the deal. All properties were occupied with high occupancy rates and great cash flow.

Loan origination fee was 10 points, with 12% interest only, $2.5k for BPO's, and over $2k in closing fees. 18 month term. In hindsight I wish I would have found BP back then, as I'm sure many people would love to have lent on similar terms, especially when a decent amount of collateral is backing it.

Also they would not return calls promptly, usually I had to call multiple times to get any response. Made me lose out on the deal which has since nearly doubled in value. I do not recommend them at all.

from Auburn, Maine

replied almost 2 years ago

Disclosure: Loan Officer

We are a small outfit and we fund over 100 loans a year. We have references we can provide, such as title companies closing loans for us on a weekly basis. We cannot close every loan and unfortunately, some folks who pay for a BPO or an Appraisal can be turned down if the collateral is less than satisfactory. Take Ujwals review for example: The property is in Detroit and was said to be worth over 100k. The actual market analysis came in at $35,000, the property was vacant and the condition was less than satisfactory. Unfortunately, it was not appealing enough for us to lend our money out on it.